Unchained

By Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Sh... more

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The podcast currently has 871 episodes available.

Unchained episodes:

January 05, 2024The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share - Ep. 591
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs.
Show highlights:
Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment
The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs
How the Matrixport report led to a 7% drop in BTC value
The importance of seed funding for ETFs and its impact on their stability and growth
The pivotal role of distribution in an ETF and why Spencer emphasizes its significance
Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF
The potential impact of changes in the Grayscale board on its aspirations to launch an ETF
How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF
Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy
Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
iTrustCapital
Guest
Spencer Bogart, General Partner at Blockchain CapitalLinks
Previous coverage of Unchained on spot Bitcoin ETFs:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Matrixport report
Why the SEC will REJECT Bitcoin Spot ETFs again
Jihan Wu’s tweet defending the analyst
Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears?
Market participants:
Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report
The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source
Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
8-As
The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications
Fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
Grayscale:
Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board
Learn more:
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?

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38min
January 03, 2024The Chopping Block: If Vitalik Is the Pope of Crypto, Is Justin Sun the Inverse Pope? - Ep. 590
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Laura Shin, the host of Unchained, to discuss the latest post from Ethereum co-founder Vitalik Buterin, who argues that crypto needs to get back to its idealistic cypherpunk roots. Is Vitalik the Pope of crypto, as Haseeb argues, and is there even a need for such an exemplary-type figure? And how do other influential crypto folks like Solana’s Anatoly Yakovenko and Tron’s Justin Sun fit into this dynamic? The gang also discusses the likely imminent approval of a spot Bitcoin ETF in the U.S. and what it might mean for Bitcoin’s price and Ordinals Inscriptions.
Show highlights:
Who won the group’s bet on what the circulating supply of PayPal’s stablecoin, PYUSD, would be at the end of the year
The Orbit Bridge hack and how the potential involvement of North Korea could be a problem for the industry
How Vitalik’s post urging for a return to the cypherpunk ideals sparked a debate within the community
Whether Vitalik is like “the Pope of crypto” and whether there’s even a need for one
Why it’s so important to keep the cypherpunk ethos, according to Tarun
Why Tom believes, after reading Vitalik’s post, that the wrong lessons are being learned
How Vitalik and Solana’s Anatoly Yakovenko could represent the religious leaders of two different approaches
Whether Justin Sun is the “inverse of Vitalik”
How GBTC holders are the most impacted ones given that the spot Bitcoin ETFs will be created and redeemed in cash
Whether the SEC is picking favorites in the Bitcoin ETF landscape
What could happen to the price of BTC if the ETF is approved
Whether the rise in Bitcoin’s price will increase fees so much that it crowds out Ordinals Inscriptions
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest
Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of UnchainedDisclosuresLinks
Cypherpunk ideals
Make Ethereum Cypherpunk Again by Vitalik Buterin
Quotes on Vitalik’s post on X
Business Insider: 'Heed these words of warning:' Ethereum founder threatens to leave if the crypto community doesn't grow up
The Block: Solana Labs CEO: It ‘doesn’t really matter’ if the network goes down again
Spot Bitcoin ETF
Unchained:
77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Should First-Time Bitcoin Investors Buy Now or Wait for the ETF?
Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
CoinDesk: Michael Saylor Commences Plan to Sell $216M Worth of MicroStrategy Stock Options
PayPal’s PYUSD bet:
The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions
Orbit Bridge hack
Unchained: Orbit Chain Announces 'Significant Clue' in $81 Million New Year's Eve Hack
The Block: Orbit Chain's bridge reportedly hacked for $81.5 million

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1h 16min
January 02, 2024Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate - Ep. 589
In this episode of Unchained, Anatoly Yakovenko, co-founder of Solana Labs, Nick White, COO at Celestia, and Chris Burniske, partner at VC firm Placeholder discuss the differences between modular and monolithic, or integrated, blockchains, with Solana epitomizing the monolithic approach and Celestia the modular one. They all agree that both approaches have their merits and will likely coexist, but argue each lends itself to specific use cases and developer preferences.They also discuss what will drive the next crypto bull cycle, and each gives their best predictions for a specific development in the crypto industry in the next few years.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
Chris’s explanation of the modular vs. monolithic approach in blockchains
What drove Anatoly to prioritize speed in Solana's architecture and its impact on the network
What Celestia is and how it represents the first modular blockchain network
Whether developers and users will gravitate more towards modular or monolithic blockchains
How Solana, as one of the fastest blockchains, is gearing up to handle massive usage and scalability
Why Chris views Celestia as a frontrunner in the data availability sector
How Nick perceives the philosophical similarities and executional differences between Celestia and Solana
Whether there's potential for Solana to transition into a modular blockchain in the future
Why Chris believes that the Solana Virtual Machine (SVM) might surpass the Ethereum Virtual Machine (EVM) in user adoption
What challenges Bitcoin faces in developing actual Layer 2 solutions, especially considering its "doomers storage" issue
What could drive the next crypto bull market
Top predictions for 2024 and beyond
Anatoly’s perspective on how a significant hack could pose a serious setback for the entire industry
Thank you to our sponsors!
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Popcorn Network
iTrustCapital
Guests:
Anatoly Yakovenko, cofounder of Solana Labs
Previous appearances on Unchained:
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
Will Solana Be the Execution Layer and Ethereum the Settlement Layer?
Can Solana Seize Marketshare From Ethereum With Serum?
Anatoly Yakovenko on Why Solana Is Building the SAGA
Chris Burniske, partner at Placeholder
Previous appearances on Unchained:
Two VCs on Why This Is the Perfect Time to Invest in Crypto
2022 in Review + How Cobie and Chris Burniske Are Playing the New Year
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
How To Value A Crypto Asset
Nick White, COO at Celestia Labs
Links
Modular vs. monolithic
Alchemy: Modular vs. Monolithic Blockchains
Visa: Monolithic vs. modular blockchain
Chris Burniske’s tweet on modular vs monolithic
“The horrific inefficiencies of monolithic blockchains” by polynya
Blockworks: A spicy salvo launched in the monolithic vs modular debate
Unchained: What Is the Blockchain Trilemma?
Celestia
Celestia’s explanation of modular blockchains
Data availability
Data availability sampling
An introduction to sovereign rollups
Spot Bitcoin ETF:
Unchained:
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
Ledger ConnectKit incident
Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto Community

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1h 15min
December 29, 2023The Chopping Block: How Jito Helped Put Solana on the Map Again - Ep. 588
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:
Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance
What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits
Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots
Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages
Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions
How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age"
What recent surges in on-chain activity in Solana indicate about the network's health and user engagement
Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem
Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security
How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness
Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest:
Lucas Bruder, CEO of Jito LabsLinks
MEV:
Previous coverage of Unchained on MEV:
Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate
The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum
CoinDesk: What Is MEV, aka Maximal Extractable Value?
Jito:
Unchained: Jito, Solana-Based Liquid Staking Protocol, Airdrops Governance Token
Solana Validator 101: Transaction Processing
Jito Block Engine Expands Access to All Solana MEV Traders
Solana’s recent activity and bull run:
Unchained:
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
Solana Takes the Lead in Daily Stablecoin Transfer Volume
Solana Surges to $84, Flips Ethereum in Weekly DEX Volume
Paxos Bringing Stablecoin Issuance on Solana, Diversifying Beyond Ethereum
Solana’s model:
Solana
Proof of History: How Solana brings time to crypto

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1h 8min
December 29, 2023Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves - Ep. 587
Take the Unchained 2023 survey!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future.
In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets.
He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last.
Show highlights:
Why Arthur believes that central banks across the globe might resort to printing money again between 2024 and 2027
Why he's anticipating a bull run in the crypto market within the next year
Whether the financial system established post-World War II is on the verge of a breakdown
What Arthur recommends investors should do in the event of a spot Bitcoin ETF launch
Why he is confident that the launch of a Bitcoin ETF won't immediately lead to a massive surge in prices
How, according to Arthur, the collapse of FTX actually validated the resilience of the blockchain ecosystem
Whether the DCG crisis is likely to have a far-reaching impact on the crypto industry
Why Arthur maintains a bullish stance on ETH and the Ethereum ecosystem, despite labeling it a “shitcoin”
Whether he sees the use of the Bitcoin blockchain for trading memecoins (BRC-20s) as problematic
Why Arthur thinks Tether's dominance will be challenged with the entry of major U.S. banks into the stablecoin market
Why he firmly believes that AI systems will favor Bitcoin over traditional forms of money
Why, in Arthur's view, China may not aim to become the issuer of the global reserve currency
The investment strategy of Arthur’s family office, Maelstrom
Thank you to our sponsors!
Arbitrum Foundation
Uniswap
Popcorn Network
Guest
Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services
Links
Macroeconomics
CoinDesk: The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes
Bad Gurl by Arthur Hayes
The Periphery by Arthur Hayes
Arthur Hayes’ tweet: “the U.S. banking crisis is back”
Bitcoin ETFs and markets
Forbes’ Billy Bambrough on Arthur Hayes’ hot ETF take - “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.”
Blockworks: Institutional custody of bitcoin could kill it, cautions Hayes
Arthur’s tweet on cash or in-kind Bitcoin ETFs
Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Arthur’s meme on BlackRock
SBF and FTX
White Boy by Arthur Hayes
White Man by Arthur Hayes
New York Magazine: The Original King of Crypto Is Back Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry.
CZ and Binance
Panda Power by Arthur Hayes
Unchained:
How Binance Will Open All Its Activity to the U.S. Government
Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges

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1h 4min
December 26, 20232023 Crypto Year in Review: Is a Bull Market Around the Corner?- Ep. 586
Take the Unchained 2023 survey!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase.

Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities.

The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market.
Thank you to our sponsors!
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Uniswap
Popcorn Network
Links
DCG
Unchained: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
Reuters: Crypto lending unit of Genesis files for U.S. bankruptcy
CELSIUS
Unchained:
7 Revelations From Celsius’ Examiner Report
Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way'
Operation Chokepoint 2.0
WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin
The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US
Unchained:
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Bitcoin Ordinals
Unchained:
Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?
Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020
Signature, Silvergate, SVB, USDC depeg
Investopedia: What Happened to Silicon Valley Bank?
CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure
Unchained:
The Chopping Block: Was Crypto Just Debanked?
Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Cryptocurrency
SEC Issues Coinbase a Wells Notice
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Reuters: Signature Bank failure due to 'poor management,' US FDIC report says
The Verge: Silvergate has collapsed
Ethereum’s Shanghai upgrade
Unchained:
Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum?
Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live
CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella
PROMETHEUM
Unchained:
Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Crypto Community Unearths Questionable History of SEC-Aligned Prometheum - Cryptocurrency Regulation
SEC vs. Binance and Coinbase
Unchained:
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Sues Coinbase for Breaking Securities Laws
SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’
RIPPLE
Unchained:
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP

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50min
December 22, 2023Crypto Points Systems Are a 100x Opportunity, But Founders, Be Wary - Ep. 585
Take the Unchained 2023 survey!
Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems.
Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls.
She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value.
Show highlights:
What points are in crypto and their role in rewarding user behavior
Examples of popular projects that have successfully implemented points systems
Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides
Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders
How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector
The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty
Identifying which crypto projects are best suited for using points, and the importance of product-market fit
Why keeping the economic value of points ambiguous can enhance user engagement and loyalty
Whether points are being used by projects to navigate around regulatory challenges
Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system
Thank you to our sponsors!
Arbitrum Foundation
Uniswap
Popcorn Network
Phemex
Guest
Li Jin, cofounder and General Partner at Variant Fund
Previous appearances on Unchained:
Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
Links
Points
Li’s Newsletter: Lessons on Points Programs for Crypto Apps
Li’s comments on the topic:
Tweet 1 on points entering “the crypto app zeitgeist”
Tweet 2 on points discounting the cost of the product
Tweet 3 on points and product-market-fit
Tweet 4 on how points can “distort activity”
CoinDesk:
Crypto Points: Off-Chain Derivatives That Everyone is Talking About
Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy
DL News: Why DeFi protocols love to offer ‘points’ before airdrops
Projects using points
Rainbow wallet
Friend.tech
Blast
Blackbirds
Marginfi
Parcl

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44min
December 19, 2023Why Swan CEO Cory Klippsten Is Still Convinced That Bitcoin Is Headed to $1 Million - Ep. 584
Take the Unchained 2023 survey!
Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors.
Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world.
Show highlights:
What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory
Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus
How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF
Swan’s Bitcoin-only investment strategies
How lending and borrowing with Bitcoin is evolving
Cory's private equity investments within the Bitcoin ecosystem
The rationale behind Swan launching the first US Bitcoin-only trust company
Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers
Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch
Predictions on when BTC might reach new all-time highs
Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool
The concerns about decreasing block rewards and the future security of Bitcoin
Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall
Why he thinks that VCs have done a "massive disservice” to the world
Thank you to our sponsors!
Uniswap
Popcorn Network
Arbitrum Foundation
Guest:
Cory Klippsten, CEO of Swan BitcoinLinks:
Swan Bitcoin:
Fortune: Swan deployed more than $200 million in 2023 building out institutional offerings such as Bitcoin-backed lending
Protos: Some Swan Bitcoin customers lose banking access
CoinDesk: BitGo, Swan to Form Bitcoin-Only Trust Company
WSJ: Crypto Custodian Prime Trust Files for Bankruptcy Protection
Decrypt: Swan, Coinbits Disclose Prime Trust Ties as Fallout Continues
Cointelegraph: Swan Bitcoin to terminate customer accounts that use crypto-mixing services
Bitcoin ETFs:
Previous coverage on spot Bitcoin ETFs:
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Unchained:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Bitcoin ETFs Explained: What Are They & How Do They Work?
BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
FTX
CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet
Ordinals:
Cory’s tweet on Ordinals
Unchained:
Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value
Bitcoin Mempool Reaches Record Levels of Congestion
Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What’s the Hype About?
Bitcoin’s BRC-20 Mania: Is It Sustainable?
Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin
Learn more:
What Are BRC-20 Tokens?
What Are ORC-20 Tokens?
How to Create a Bitcoin Ordinal

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1h 24min
December 15, 2023The Chopping Block: Crypto’s Best and Worst in 2023 - Ep. 583
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024.
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
DisclosuresLinks
Surprises:
The Chopping Block: Was Crypto Just Debanked?
What Is Depegging in Crypto and Why Does It Occur?
Flops:
The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop
The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement
The Block: Worldcoin unveils integrations with Minecraft, Reddit, Telegram and Shopify
CoinDesk: Future of Solana's Hyped Saga Phone Is 'Under Internal Discussion' as Sales Figures Fail to Wow
ApeCoin DAO Governance
Winners:
Unchained:
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020
What Are BRC-20 Tokens? A Brief Introduction
The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin
Memes:
Dexerto: What is TikTok’s viral NPC fetish? New streaming kink explained
David Beckham’s memes
Favorite guests:
The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security
The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money
The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation
The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively
Others
Unchained:
Ledger Library Compromised, Causing Confusion and Panic in Crypto Community
Vitalik Buterin Supports Integrating Zero-Knowledge Ethereum Virtual Machines Into Main Ethereum Chain

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1h 21min
December 15, 2023Why the SEC May Want Cash Creation of Spot Bitcoin ETFs - Ep. 582
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The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security.
Show highlights:
Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs
When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates
The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics
How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products
Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions
How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering
The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF
Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs
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Guest
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Links
Previous coverage on spot Bitcoin ETFs:
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
Understanding the ETF creation and redemption mechanism
Nate Geraci’s tweet on in-kind/cash
James comments “the people want in-kind”
James: “I think everyone is gonna have to bend the knee to cash creates and redeems.”
Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initially

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45min

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